A. Gary Klesch

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A. Gary Klesch (* 1947 in Cleveland , Ohio ) is an American entrepreneur who founded the Klesch Group in 1990 .

Life

A. Gary Klesch grew up with his father, a professional boxer , due to the death of his mother . He studied political science at John Carroll University , a private university of the Jesuit Order , in University Heights near Cleveland , Ohio .

Career

Paine Webber (1968)

Klesch started his first job at PaineWebber & Co. as responsible for margins. PaineWebber & Co. was a US investment bank and stockbroking firm that was acquired by Swiss bank UBS in 2000 .

McDonald & Company (1969-1975)

1969, at the age of 22 years, Klesch joined as a staff attorney, known as an associate in the McDonald & Company , then one of the largest regional investment banks with headquarters in Cleveland , Ohio , one. In an interview with founder Bertram McDonald, Klesch was told that if he worked hard, he would be a partner in 15 to 20 years. After leaving the interview, his immediate reaction was, "No way, no way I'm going to wait that long" and delved into his work in the consortium department . Two years later, at the age of 24, Klesch became the youngest partner of McDonald & Company.

United States Department of the Treasury (1975–1978)

Klesch then became aware of Bill Simon, who had just been appointed Treasury Secretary under President Gerald Ford . In 1975, at the age of 28, Klesch was appointed director of capital market policy. In this capacity, he contributed to the development of a new model of financial regulation at and thus became responsible for Wall Street in Washington, DC to Kleschs responsibilities included the development of legislation that the deregulation of the securities - and financial services in the United States set in motion and eventually led to the "Big Bang" on Wall Street. During this time, he also traveled to Europe , Japan and the Middle East to speak about capital markets and deregulation. During his time in the Ministry of Finance was Klesch also the representative of the Ford administration when negotiating loans and guarantees of the US government to various financially troubled companies , including Lockheed and New York City . He also served as the U.S. government representative on the board of directors of the United States Railway Association , where he played an important role in negotiating and reorganizing troubled railroad companies, particularly Penn Central Corporation , which collapsed in the early 1970s and then was the largest bankruptcy in the world . He was also responsible for finding private funding for the space shuttle .

Smith Barney Harris Upham & International (1978–1980)

1978, after two and a half years in Washington, DC , Klesch took a sabbatical to complete and then joined the management team of Smith Barney Harris Upham & International , the investment firms of Wall Street , in Paris one. He was held responsible for Middle East development as director .

Dean Witter Reynolds Overseas Ltd (1980–1982)

In 1980 he became president of the brokerage firm Dean Witter Reynolds Overseas Ltd. in London , where he was responsible for all of the company's international activities. During his presidency, the company grew from 10 employees to over 200 and rose steadily in the Eurobond rankings. In 1982 Klesch won the Eurobond award for best syndicate manager . The establishment of Dean Witter Overseas had given Klesch the confidence he needed, and two years after joining, Klesch decided to leave to start his own investment company.

Quadrex Holdings (1983–1990)

In 1983, Klesch founded Quadrex Holdings, which started in the euro markets but soon focused on acquisition finance, leverage buyouts and restructuring. The company operated in both London and New York City . Klesch commented a year later as Chairman: "We are very satisfied with our performance in the first year of operation. We were very fortunate to gain both customers and employees who appreciate the importance of innovative customer service on the international capital markets and who have helped us to to build a reputation for meeting these needs ". The company had net assets of £ 5.3 million and operated with share capital of £ 4 million.

Klesch Group (1990-)

In 1990 Klesch founded Klesch & Company Limited , which specializes in distressed and turnaround systems. Klesch & Company Limited has been involved in a number of significant deals over the past decade and is now a global industrial commodities business with three divisions specializing in the production and trading of chemicals, metals and oil. The company employs more than 4,500 people at 40 locations in over 16 countries . The turnover is over 5 billion dollars .

Corporate activities

criticism

Unions and European local politicians fear the worst from Klesch, as the example of the unions in the Sardinian plant of Alcoa shows, whose employees protested against a possible takeover by Klesch & Company Limited . This can be traced back to his reputation as a "vulture capitalist", which was conveyed in the press , as well as to the conclusion of several takeovers of Klesch, for which the entrepreneur was preparing to intensify the activity, as exemplified by the company Kem One . In 2012 bought Klesch & Company Limited the division vinyl by Arkema for a symbolic euro , which he later renamed "Kem One SA". Claiming that the extractive industries are facing a bright future, Klesch said that Klesch & Company Limited has the expertise to improve the efficiency of industrial processes and trade in facilities. As part of the deal, Arkema took over the € 587 million loss from the bank and offered € 100 million in cash to stimulate activity. 8 months later the company was declared insolvent and threatened more than 1,300 jobs . French trade unions suspect that he invested Arkema money in his financial assets registered in Jersey , Malta or Bermuda .

capital

On the UK's top 1000 wealthy list of 2017 , his wealth is listed at 594 million euros ( £ 526 million).

Web links

personal data
SURNAME Klesch, A. Gary
BRIEF DESCRIPTION American entrepreneur and company founder
DATE OF BIRTH 1947
PLACE OF BIRTH Cleveland , Ohio